Semiconductor Industry highly optimistic about Blockchain Technology

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The latest investigation carried out by the global professional services firm Accenture signifies that considering the adoption of blockchain technology, the semiconductor sector is currently enjoying the highest levels of bullish sentiment as compared to other surveyed sectors.

The survey which polled out mostly senior executives at firms which possess yearly revenue of a minimum US$0.5 billion showed that 88% of the executives in the semi-conductor industry anticipate having blockchain technology incorporated into their organization's systems in next 3 years. The main features of blockchain technology which are attracting the semi-conductor industry are immutability, security, and decentralization. Blockchain technology may be useful in lowering operational costs, increasing inter-company collaborations, and enhancing efficiency in the supply chain.

Reduced Product-to-Market Timespans

Syed Alam, who is the head of the semiconductor practice at Accenture, said blockchain might shorten the time it takes to launch new products:

“Throughout the industry’s complex supply chain, blockchain simplifies business operations leveraging semiconductor chips and related technologies. This faster traceability will improve companies’ business operations and accelerate delivery of their products to market – while enabling them to do so at lower costs. Semiconductor companies can also use blockchain to create, scale and manage technology-based collaborations and redefine future business transactions.”

Blockchain Adoption

Also Read: Ripple’s much anticipated payment solution XRapid goes live

Apart from the semiconductor industry, other industries which highly utilize blockchain technology include aerospace, defense, life sciences, industries, insurance, software and platforms, automotive, chemicals, and communications.

In the aerospace and defense sector, 86% of the executives are optimistic about the adoption of blockchain technology in the industry. The bullishness level in the life sciences, retail and industrial equipment sector is observed at 85%. Then, the bullishness level in insurance and software & platforms sectors is 84%. The automotive sector counts about 82% and lastly communication sector about 81%.

Efforts made until now

As of now, blockchain technology is being adopted in various fields all around the world. Alibaba, China's biggest online retailer has filed more than 10% of the blockchain patents in the world. The firm has done this in order to increase the transparency in the supply chain more likely with regards to good.

Also Read: Bitfinex to release 5 Big Products next month

Talking about the Automotive sector, German luxury car maker, BMW, has recently made a partnership with the blockchain startup in order to provide a lending solution for its customers. Before a month, The Associated Press has teamed up with a blockchain-journalism startup, Civil Media Company, focused at distributing content on a blockchain platform.

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